Can I Keep My Assets?
When filing for bankruptcy an important question that arises is whether you may keep assets. Most assets may be kept, through proper planning and the use of appropriate exemptions. In Chapter 7 bankruptcies, you are able to keep most of your assets and property. An important step in attaining this goal, is to disclose properly all assets, at the very beginning of the bankruptcy process. It is therefore important to hire an experienced legal representative to guide you through that process.
Denver metro area bankruptcy attorneys, George T. Carlson and Associates, are experienced and competent bankruptcy attorneys. After over 40 years of successfully guiding people through bankruptcy, we understand thoroughly the dynamics involved in keeping assets and asset exemptions.
How to Keep Your Assets During Bankruptcy
When filing for Chapter 7 Bankruptcy, it is important to determine and understand what your exempt and non-exempt assets are. An asset is any form of property that you own and includes business goodwill, stock options, copyrights, trademarks, all manner of claims against other persons and companies, life insurance policies, and inheritance rights, just to mention a few.
Exempt assets are properties protected from the trustee in bankruptcy, by statutory exemptions. For example, in Colorado, your home is protected up to $60,000 of equity (or $90,000 if you are 60 years of age or disabled), your car up to $5,000 (or $10,000 if you are 60 years of age or disabled), retirement funds 100%, household goods $3,000. Exempt property is protected to enable a fresh start. Non-exempt assets are those that the law does not protect, such as tax refunds, inheritances, luxury items, investments, etc.
At the law firm of George T. Carlson and Associates we work hard to find ways to help our clients protect their assets. Call us today and find out how we can help you.
Contact a Denver, Colorado Bankruptcy Attorney Today
If you are seeking legal representation or would like more information about our services, contact our office today for a free consultation with an attorney. You can reach an experienced lawyer at 303-789-1313 or by contacting us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
